{"id":428436,"date":"2020-06-25T03:48:00","date_gmt":"2020-06-25T03:48:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=428436"},"modified":"2024-06-12T09:23:53","modified_gmt":"2024-06-12T09:23:53","slug":"bitcoin-could-decline-again-9200","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-could-decline-again-9200\/","title":{"rendered":"Do or Die For Bitcoin Bulls: Here\u2019s What Could Trigger Another Sharp Decline"},"content":{"rendered":"
Bitcoin started a sharp decline after it failed to continue higher above $9,800 against the US Dollar. BTC is currently testing the $9,200 support, below which it could decline further.<\/em><\/p>\n Yesterday, bitcoin price struggled to clear the $9,700 and $9,800 resistance levels<\/a> against the US Dollar. BTC topped just below the $9,800 level and recently started a sharp decline.<\/p>\n It broke the $9,540 and $9,500 support levels<\/a> to move into a bearish zone. The bears took over the crypto market and the price tumbled below $9,300. There was also a close below the $9,300 level and the 100 hourly simple moving average.<\/p>\n Bitcoin tested the $9,200 support level and traded as low as $9,204. It is currently consolidating losses and trading in a range above the $9,200 support. It seems like there is a short-term contracting triangle forming with support near $9,200 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n If there is an upside break above the triangle resistance at $9,280, the price could test the 23.6% Fib retracement level of the recent decline from the $9,662 swing high to $9,204 low.<\/p>\n The first major resistance is near the $9,400 level, followed by the 50% Fib retracement level of the recent decline from the $9,662 swing high to $9,204 low. To move into a positive zone, the price must surge above the $9,500 resistance zone and the 100 hourly simple moving average.<\/p>\n On the downside, bitcoin is finding strong bids near the $9,200 support level. If the bulls fail to defend the $9,200 support, there could be another sharp decline in the near term.<\/p>\n The next major support is seen near the $9,000 level, below which the bears are likely to aim a test of the $8,800 support zone. Any further losses might call for a push towards $8,500.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level.<\/p>\n Major Support Levels \u2013 $9,200, followed by $9,000.<\/p>\n Major Resistance Levels \u2013 $9,300, $9,400 and $9,440.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin started a sharp decline after it failed to continue higher above $9,800 against the US Dollar. BTC is currently testing the $9,200 support, below which it could decline further. Bitcoin is down more than 4% and it broke the key $9,500 support level. The price is trading near the $9,200 support and well below the 100 hourly simple moving average. There is a short-term contracting triangle forming with support near $9,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either correct a few points or it might decline further below $9,000. Bitcoin Price Nosedives 4% Yesterday, bitcoin price struggled to clear the $9,700 and $9,800 resistance levels against the US Dollar. BTC topped just below the $9,800 level and recently started a sharp decline. It broke the $9,540 and $9,500 support levels to move into a bearish zone. The bears took over the crypto market and the price tumbled below $9,300. There was also a close below the $9,300 level and the 100 hourly simple moving average. Bitcoin tested the $9,200 support level and traded as low as $9,204. It is currently consolidating losses and trading in a range above the $9,200 support. It seems like there is a short-term contracting triangle forming with support near $9,200 on the hourly chart of the BTC\/USD pair. Bitcoin price dives 4%: Source: TradingView.com If there is an upside break above the triangle resistance at $9,280, the price could test the 23.6% Fib retracement level of the recent decline from the $9,662 swing high to $9,204 low. The first major resistance is near the $9,400 level, followed by the 50% Fib retracement level of the recent decline from the $9,662 swing high to $9,204 low. To move into a positive zone, the price must surge above the $9,500 resistance zone and the 100 hourly simple moving average. More Losses in BTC On the downside, bitcoin is finding strong bids near the $9,200 support level. If the bulls fail to defend the $9,200 support, there could be another sharp decline in the near term. The next major support is seen near the $9,000 level, below which the bears are likely to aim a test of the $8,800 support zone. Any further losses might call for a push towards $8,500. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level. Major Support Levels \u2013 $9,200, followed by $9,000. Major Resistance Levels \u2013 $9,300, $9,400 and $9,440.<\/p>\n","protected":false},"author":67,"featured_media":428438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-428436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Nosedives 4%<\/h2>\n
Bitcoin price dives 4%: Source: TradingView.com<\/a><\/pre>\n
More Losses in BTC<\/h2>\n